On August 13, the "FireNow" Asia Web 3.0 Institutional Summit organized by New Fire Technology Holdings Limited (referred to as "New Fire Technology", stock code: 1611.HK) officially opened at the Ritz-Carlton Hotel in Hong Kong. At the event, Zhang Li, Executive Director and CFO of New Fire Technology, delivered a keynote speech on the topic of "Thinking about Web3 from the Perspective of Users". Zhang Li analyzed on the spot that the needs confirmed by Web3 users so far can be divided into three categories: 1. Payment, which solves some cross-border/convenient/poor area payment problems; 2. Speculation/investment: redistributing wealth with a huge technical background stories; 3. Web3 native: mining machines, oracles, stablecoins, wallets, etc. support Web3 infrastructure building. Zhang Li believes that Web3 does not need so many public chains, but the Crypto industry needs the wealth effect. The essence of the public chain that has not been applied for a long time is MEME, which is related to the low cost of asset issuance in the Crypto industry and the lack of compliance supervision. Zhang Li also said that there are still a lot of gaps in the practical application of the industry, and more Web3 applications should be encouraged through various effective means.